I'll just add to that. Yes, indeed. It's as if the federal government is pressing on the gas and the Bank of Canada is forced to press on the brakes even harder. Interest rates are high, then, in part because we still have massive fiscal deficits.
We just haven't learned the lesson. The massive spending in the pandemic has yielded very little in the way of productivity, so yes, indeed, a high fiscal deficit is worsening our problem and forcing the bank to set higher interest rates.